Pennsylvania and Washington became the first two states to offer official guidance on how their existing tax regimes apply to nonfungible token (NFT) transactions. Their approaches offer two blueprints for other states to...more
Acquisitions in industries related to cryptocurrency and blockchain technology exploded in 2021 in comparison with the preceding two years. Early data suggest that 2022 will be another record year for these acquisitions. This...more
While there are many legitimate uses for cryptocurrencies and digital assets, criminals look for ways to exploit new technologies. A global tax group released a bulletin with some red flags that individuals should be aware of...more
While the number of cryptocurrencies and other blockchain-based assets continue to grow, the IRS’s published guidance is inadequate in addressing how to tax these new digital assets and transactions involving them....more
4/8/2022
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Financial Markets ,
Income Taxes ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
Jarrett Case Raises New Questions on How to Report Cryptocurrency “Staking” Rewards - While the IRS has not specifically addressed the taxation of staking rewards, they have indicated a willingness to treat these rewards in...more